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Posted: Wed Sep 02, 2009 8:33 pm
by ripleycrown
Hi!
I have a three part question for you.
1. Could i make myself bankrupt at anytime during my iva???
2. What would happen (in theory and unlikly) if my creditors defaulted me and made me bankrupt???
3. What would happen to the 36 months of payments i have already paid???
Many Thanks,
Mr S Race.
Posted: Wed Sep 02, 2009 8:41 pm
by MelanieGiles
You can apply for bankruptcy if the IVA is in default, and your Supervisor confirms that the IVA has failed.
Your creditors can also apply for your bankruptcy if the IVA falls into default - the effect of which is the same as if you petitioned yourself, with the saving of the £510 Court fee
The monies already paid would be distributed to the creditors bound by the IVA.
Posted: Wed Sep 02, 2009 11:10 pm
by kallis3
If you are struggling with your IVA, then firstly speak to your IP who may be able to get your payments lowered.
It would be a shame for it to fail now after 3 years.
Posted: Thu Sep 03, 2009 6:59 am
by Debtwitch
Hi there
I agree with you Jan, please speak to your IP if you are experiencing difficulties to discuss your options so that you can make an informed decision.
If there has been a change in your circumstances, creditors may support a request to vary or end the the IVA.